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HOUSTON-A fully occupied, 101,000-sf distribution center at 3000 Commerce St., just east of the Houston CBD, has been sold to a locally based investor, Urban Meridian. The property came to market with a $1.7-million price tag.

Houston-based Jacobson-Wirtz Properties is the seller of the 33-year-old building, assessed at close to $1 million by the Harris County Appraisal District. Michael Palmer, vice president with the Houston office of CB Richard Ellis Inc., tells GlobeSt.com that the property landed a buyer within a week of coming to market. The selling partnership had owned the three-acre site for many years. After one partner died, the holding went up for sale. After going under contract, a handful of other lookers surfaced, says the lone broker on the deal.

Palmer says the new owner also intends to hold for the long term. The building is leased to three tenants.

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